Oil prices shed early gains amid doubts over OPEC output cut

OPEC logo is seen at its headquarters in ViennaSEOUL/SINGAPORE (Reuters) – Oil prices erased early gains to trade almost flat in Asian session on Thursday on mixed U.S. crude stocks data and doubts over OPEC's implementation of an output cut, although a weaker dollar aided sentiment. International Brent crude futures were trading up 2 cents at $ 53.02 a barrel at 0807 GMT. Crude oil inventories in the United States dropped 2.4 million barrels in the week that ended on Dec. 2, compared with analyst expectations for a draw of 1 million barrels.

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Iran minister says in U.S. interest to stay committed to nuclear pact

Iranian Foreign Minister Mohammad Javad Zarif and Japanese Foreign Minister Fumio Kishida attend a joint news conference in TokyoBy Elaine Lies TOKYO (Reuters) – Iranian Foreign Minister Mohammad Javad Zarif said on Thursday it was in the interest of the United States to remain committed to a multilateral nuclear treaty. The U.S. Senate voted last week to extend the Iran Sanctions Act (ISA) for 10 years, and Iran vowed to retaliate, saying it violated last year's agreement with six major powers to curb its nuclear programme in return for the lifting of international financial sanctions. A diplomatic thaw between the United States and Iran over the past two years appears in jeopardy with U.S. President-elect Donald Trump taking office next month.

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Exclusive: U.S. regulator set to fail Wells Fargo on community lending test -sources

A man walks by a bank machine at the Wells Fargo & Co. bank in downtown DenverBy Patrick Rucker WASHINGTON (Reuters) – A U.S. bank regulator is ready to fail Wells Fargo on a national scorecard for community lending, sources familiar with the decision said on Wednesday, in a move that could limit near-term expansion for the bank. The ruling from the Office of the Comptroller of the Currency, the main regulator for national banks, is due by early January, said the sources with knowledge of the plans. A Wells Fargo spokesperson declined to comment.

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